Fact.MR – A Market research and competitive intelligence provider: The global biotechnology and pharmaceutical services outsourcing market is anticipated to hold a market valuation of US$ 70 Bn in 2022 and US$ 112.31 Bn by 2032.
Demand for low-cost drug development to propel the biotechnology and pharmaceutical services outsourcing market growth
The Fact.MR market study on the biotechnology & pharmaceutical services outsourcing market provides deep dive into key developments in the biotechnology & pharmaceutical services outsourcing market. The report offers a comprehensive analysis of leading segments in terms of by end use, and by service
Fact.MR – A Market research and competitive intelligence provider: The global biotechnology and pharmaceutical services outsourcing market is anticipated to hold a market valuation of US$ 70 Bn in 2022 and US$ 112.31 Bn by 2032. The estimated growth rate is nearly 5% during the forecast period from 2022 to 2032.
The outsourcing services help in overcoming trade barriers and help the organizations to enter international markets. Several firms prefer to outsource services than invest capital and hire a workforce, thereby, providing crucial opportunities for expansion.
Biotechnology and pharmaceutical companies are adopting the consulting services owing to factors such as; the rising number of discrepancies in intellectual property rights and fraudulent cases. Owing to such causes, the adoption of these services is increasing, making it a lucrative market for the players.
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Implementation of stringent strict policies and the growing R&D investments by pharma companies are likely to elevate the market in the coming time. In addition, approvals by FDA are likely to offer important opportunities to the key players. For instance, Bora Pharmaceuticals received FDA approval in 2019, which strengthened its market influence outside Asia.
the low-cost drug development and availability of a cheaper workforce in the region are predicted to elevate the market in APAC. Moreover, the high scope of cost savings, the rapid growth of the biotechnology and pharmaceutical sector, and skilled personnel are other salient causes projecting the market in the region.
The outbreak of COVID-19 has had a crucial impact on the biotechnology and pharmaceutical services outsourcing market. The situation resulted in delays, terminations, and suspensions of trials. More than 330,000 clinical trials registered on clinicaltrials.gov are at a risk due to the spread of novel coronavirus.
Key takeaways:
- North America to account for the maximum of 53% market share in 2021
- Asia Pacific to expand market size at a CAGR of 5.5% during the forecast period.
- By end-use, the pharma segment to have procured 55% of the market share in 2021
- By service, the consulting services segment is anticipated to have secured 19% of the market share in 2021
- The other services segment is anticipated to exhibit market size at a CAGR of 6% during the forecast period.
Growth Drivers:
- The growing demand for low-cost drug development is projected to propel the biotechnology & pharmaceutical services outsourcing market growth during the forecast period.
- The increasing adoption of machine learning-based platforms such as; artificial intelligence and automation in drug manufacturing are expected to offer significant opportunities for expansion to the pharmaceutical services outsourcing market in the forthcoming period.
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Competitive Landscape:
The competitive landscape of the Market focuses on increasing their global influence and adopting strategies such as; acquisition, collaboration, and partnerships.
- In April 2021, Paraxel International Corporation announced a strategic partnership with Veeva. The partnership aims to increase clinical trials by leveraging process innovation and technology.
- In August 2020, Pfizer signed a three-year agreement with PPD. The agreement aims to offer drug development services.
- In October 2020, MediPharm Labs Corp. announced that it had signed a new white-label supply agreement with Sunco Green Pharmaceutical Pty Ltd.
Key Companies Profiled by Fact.MR
- GMP Pharmaceuticals Pty Ltd
- The Quantic Group
- IQVIA
- Lachman Consultant Services, Inc.
- Parexel International Corporation
- Charles River Laboratories
More valuable insights on the Biotechnology & Pharmaceutical Services Outsourcing Market:
Fact.MR, in its report, offers a market analysis of the global biotechnology & pharmaceutical services outsourcing Market the forecast period through 2022 and beyond. This survey reveals the growth of sports in the biotechnology & pharmaceutical services outsourcing Market with detailed segmentation as follows
- By End Use
- Pharmaceutical Services Outsourcing
- Biotechnology Services Outsourcing
- By Service
- Biotechnology & Pharmaceutical Services Outsourcing for Product Testing & Validation
- Biotechnology & Pharmaceutical Services Outsourcing for Training & Education
- Biotechnology & Pharmaceutical Services Outsourcing for Product Design & Development
- Biotechnology & Pharmaceutical Services Outsourcing for Product Maintenance
- Biotechnology & Pharmaceutical Services Outsourcing for Auditing and Assessment
- Biotechnology & Pharmaceutical Services Outsourcing for Regulatory Affairs
- Regulatory writing & publishing
- Legal representation
- Clinical trial applications & product registration
- Others
- Biotechnology & Pharmaceutical Services Outsourcing for Consulting
- Remediation
- Quality management systems consulting
- Regulatory compliance
- Others
- Biotechnology & Pharmaceutical Services Outsourcing for Others
Key Questions covered in the Biotechnology & Pharmaceutical Services Outsourcing Market Report
- What was the market worth for biotechnology & pharmaceutical services outsourcing in 2021?
- What is the anticipated market value for biotechnology & pharmaceutical services outsourcing in 2022?
- At what percentage did biotechnology & pharmaceutical services outsourcing demand increase from 2015-2021?
- What is the projected market value for biotechnology & pharmaceutical services outsourcing in 2032?
- What is the predicted value CAGR for the market from 2022 to 2032?
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